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USD/CAD Intraday Technical Analysis and Trading Recommendations for April 18, 2012

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The USD/CAD Linear Regression Channels chart indicates:
On Monday the USD/CAD pair has failed to reach 1.0050 showing significant bearish price action including a Head and Shoulders reversal pattern that later indicated the bearish movement.
This bearish movement took place yesterday after the breakdown of level 0.9975 which was considered as the key-level of yesterday's movement.
Today the violet channel is steeply bearish due to the yesterday's steep bearish movement towards 0.9865. However, the USD/CAD pair has managed to break through today in early trading sessions.
This fact renders 0.9870 a solid Intraday support for the pair corresponding to the backside of the broken channel & the lower limit of the intact Yellow channel.
The USD/CAD pair has an Intraday resistance level located at 0.9950 & another stronger resistance level at 1.0030.
Buying USD/CAD at 0.9870 is rendered a valid low/risk BUY entry with TP located at 0.9950 & 0.9980 while SL is to be located below 0.9828.
The material has been provided by Instaforex Company - instaforex.com
 
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